Deposit Insurance Agency

Deposit Insurance Agency (DIA) (Russian: Агентство по страхованию вкладов) is a Russian state corporation (non-profit organization) providing deposit insurance in the Russian Federation. Its headquarters are located in Moscow.

The DIA was established in January 2004 on the basis of the Federal law «On the Insurance of Household Deposits in Banks of the Russian Federation» # 177-FZ dated 23 December 2003. To ensure operations of deposit insurance system the Agency shall pay out deposit compensation amounts to depositors in case of insurance event; keep register of banks-participants of DIS; monitor the formation of deposit insurance Fund, including insurance premiums of banks; manage the resources of the deposit insurance Fund.

Owing to the enactment of the Federal Law «On amendments to the Federal Law "On insolvency (bankruptcy) of credit institutions" and declaration invalid of some legal acts of the Russian Federation» dated 20.08.2004 # 121-FZ an institute of corporate Receiver of insolvent banks was established in Russia. The functions of the Receiver were delegated to the Agency.

The DIA has two government bodies. The highest is the Board of directors, consisted of seven member presenting the Government of the Russian Federation, five from the Bank of Russia and General Director of the Agency. Current General Director of the Agency is Minister of Finance Aleksei Kudrin. One of members of the Board of directors, Andrei Kozlov was killed on 14 September 2006.

The DIA has also the executive committee which head is now Aleksandr Turbanov.

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